Stemcell United Ltd Exploring options for Asia market

Exploring options for Asia market: Stemcell United Ltd (ASX: SCU) reported their signing of a Letter Agreement with iCAN Israel-Cannabis to negotiate and execute a mutually agreeable licensing and services agreement. ICAN would offer services to the group with respect to their business operations in Asia. Moreover, an investment agreement would be made with the group for over 5% to 10% stake in ICAN, subject to due diligence. The group believes that iCAN end to end services would boost their capabilities and scope of business in Medical Cannabis field. ICAN would assert to an idea germination development and review through clinical trials and importantly the medical delivery systems; as well as the appropriate marketing and branding. If the deal is signed, the will be able to expand their services in Asia market. Meanwhile, Stemcell United reported their initial revenue from sale of dendrobium product in the last quarter and started marketing of their dendrobium essence infused mask this quarter. Moreover, the group is also in discussion with a Chinese Pharmaceutical firm on offering consultancy services for manufacturing resins. Stemcell United is planning to strengthen their capital position and intends to issue up to 25 million ordinary shares at $0.10 per share to sophisticated investors. The group intends to use these funds for their working capital and developments like scaling up dendrobium business and exploring opportunities in Cannabis business. SCU would get shareholder approval if the issue of the shares exceeds the 15% capacity.

 

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